The Office of Higher Education may solicit and accept for use any gift of money or property made by will or otherwise, and any grant of money, services or property from the federal government, the state or any political subdivision thereof or any private source for the purpose of administering the Planning Commission of Higher Education. Such funds shall be deposited in an account to be known as the “Planning Commission for Higher Education Fund” which shall be a separate, nonlapsing account within the General Fund.